Access Over Ownership And The On Demand Generation’s Consumption Habits

memeThe Netflix model of having access to items rather than owning them has been applied to dozens of industries, and Millennials are among the biggest adopters of this ever-growing trend. They don’t care as much about owning everything — whether it’s music, TV shows, or luxury dresses — as long as they can obtain these things when they need them. This mindset is what changed the music industry — YouTube is now the top way in which teens listen to music — and this attitude is influencing marketers who want to tap into Millennials’ purchasing, or rather renting, habits.

Rent the Runway isn’t new, but many female Millennials are continuously turning to it when they need a dress for a special occasion. Whether it’s prom, a school formal, their birthday, or graduation, teens and twentysomethings know that this method allows them to wear their dream dress at a more affordable price. This is valuable in that special occasion dresses aren’t worn often, and they can be pricey for something that then collects dust in their closet. However, if they rent a dress, solely for the situation in which they need it, the “runway” dress becomes more attainable. This also reflects a concept in the age of social media where every outfit is photographed and shared across one’s network. Many Millennials worry about their same clothes constantly being captured on Facebook and Instagram, but renting provides a solution in the form of a temporary expanded wardrobe.

Renting apparel also taps into showrooming, another shopping trend we’re seeing in that Millennials are visiting physical stores to scope out the selection, but not buying items in-person. Rather, they’re treating stores as if they were showrooms, and then going online or comparing prices before making purchases. Rent the Runway for example coincides…

 
 
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Millennial News Feed

Quote of the Day: “When I hear the phrase ‘The American Dream’ I think of 1950s cliches, the economic downturn of 2008, and how college debt has pretty much made it impossible.” –Female, 17, RI

We know Millennials have delayed going down the aisle, but how do they really compare to the generations before them? Over 30% of Millennial women will have stayed unmarried by age 40, “nearly twice the share of their Gen X counterparts.” Even if the marriage rate returns to pre-recession levels, Millennials will not catch up to Gen X marriage rates. The dip in married couples could have economic repercussions, as they are “often better off financially.” (CNNMoney)

25-34-year-olds (mostly older Millennials) are the most likely travelers to use mobile search and social media “to resolve a travel problem,” with close to 40% relying on a mobile solution to their issues and quandaries. Travel info startup Skift is calling this group the “silent traveler,” and the increasing number of travelling Millennials will likely make the number of silent travelers grow as well. In response, the industry is shifting efforts to mobile: 20% of Delta’s check-ins now come through their app. (MediaPost)

A recent survey covering Millennials’ political and economic views has some pointing fingers and saying the generation’s political views are “incoherent,” and “confused.” But others say they aren’t any more confused about economics than anyone else, and contradictory political opinions are not abnormal. One important takeaway that is often overlook is that a generation of over 97 million in the U.S. cannot all be painted with one brush, and that some of the contradictions in beliefs are likely due to various segments' contrasting views. (NYTimes)

BYOD (Bring Your Own Device) is a workplace trend that some IT departments may find frustrating, and not surprisingly it’s younger employees who are the biggest BYOD culprits. 70% of 18-33-year-olds admit that they break corporate rules and use outside apps (think Dropbox and Evernote) at work. Of those, 50% said they do it because approved apps aren’t good enough, and 60% said they didn’t think it was a security problem for their company. (Recode)

The app French Girls has been around for some time, but it is continuing to gain momentum—or at least to entertain the internet. (Yes, it is named after Titanic’s classic “Draw me like one of your French girls” line.) Users can submit selfies to the French Girl community and receive back digitally drawn versions of their likeness, often creatively interpreted. (Uproxx)

Quote of the Day: “If a photo of me went viral, I would feel angry but…maybe I would be a little excited because it went viral, as long as the picture is not bad.” –Female, 16, TN

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